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· Ethiopia deposited the instrument of accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards/New York Convention (NYC) on August 27
· Ethiopia’s parliament approved accession to the 1958 New York Convention and has become the 163rd state signatory and the 39th African state to accede to the agreement
· Recently, countries like the Seychelles, Cabo Verde and Sudan have acceded to the agreement.
Ethiopia deposited the instrument of accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards/New York Convention (NYC) on August 27. Ethiopia’s parliament approved accession to the 1958 New York Convention and has become the 163rd state signatory and the 39th African state to accede to the agreement. Recently, countries like the Seychelles, Cabo Verde and Sudan have acceded to the agreement.
The Convention will come into force on the 90th day following the deposit of its instrument of ratification or accession. Earlier in December 2019, the Council of Ministers supported the move to join the Convention. Later, the House of People’s Representatives approved the accession on 13 February 2020.
Ethiopia will apply the Convention on the basis of reciprocity to the recognition and enforcement of awards made only in the territory of another contracting State. Also in situations when differences arise out of legal relationships, whether contractual or not, which are considered as commercial under the laws of Ethiopia, the said issue will be referred for arbitration. .
